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Dexelance S.p.A (DEX) Fair Value & Analysis

Consumer Cyclical · IT · Market cap €138M

DS Dexelance S.p.A DEX · MI
Price€2.18
Fair Value€0.4400
Upside-79.8%
Quality28/100
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Mixed Growth
Loss-making · -5.8% net margin
Moderate debt · generates free cash flow
Trails peers (3/11)
Narrow moat 15/100
Evidence: Medium Range €0.0880 – €1.23 Share as image

Fair value as of: Jul 15, 2026

From 9 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from €7.54 to €0.4400 (−94.2%) since Jun 24, 2026. Share price −0.5% over the past month.

Below-average quality, and screening another 80% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€1.23). The favourable scenario is already priced in.
  • Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (€0.0880 to €1.23). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (3 years)

€11.68 €1.84 Fair Value €0.4400 May 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

39‑month range €1.84 – €11.68 · fair‑value band €0.0880 – €1.23 · the €2.18 price screens above the €0.4400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Dexelance S.p.A (DEX) currently trades at €2.18, while our model-based Fair Value estimate is €0.4400, implying the stock looks roughly 79.8% overvalued today. The Quality Score stands at 28/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Dexelance S.p.A generated revenue of €332M at a net margin of -5.8%. Revenue grew 17.1% year over year. It earns a return on equity of -10.9%. Net debt stands at €79.2M. Fundamentals as of Jul 15, 2026

Our scenario range runs from €0.0880 (bear case) to €1.23 (bull case); at €2.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 70% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at -80%, DEX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (€0.0600 to €1.68). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €0.4800 €1.10 80
Rev-Margin DCF €0.4900 €1.20 74
NCAV (Graham) €1.26 €1.68 €2.51 50
All 9 models by family
DCF Models
FCF DCF €0.0300 €0.4800 €1.43 38
5Y Revenue Exit €0.5100 €1.25 39
5Y EBITDA Exit €0.0600 €0.4200 41
10Y Revenue Exit €0.4400 €1.23 36
10Y EBITDA Exit €0.1500 €0.5900 37
Multiples
EV/Revenue €0.2200 €0.5000 43
Asset-Based
NCAV (Graham) €1.26 €1.68 €2.51 50
Growth DCF
Growth DCF €0.4800 €1.10 80
Rev-Margin DCF €0.4900 €1.20 74

Widest divergence: Asset-Based (€1.68) versus Multiples (€0.2200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €332M
Revenue growth (YoY) +17.1%
Net margin -5.8%
Return on equity -10.9%
Free cash flow €4.2M FY2025
Operating margin -0.1%
More key figures
EPS (TTM) €-0.5800
EPS growth (YoY) +581%
Net debt €79.2M FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 28/100

Of which business quality 30 · Market factors (momentum, volatility) 24

Profitability 15
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 91
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Dexelance S.p.A. develops and promotes a hub of Italian design furniture and lightings. The company offers furniture products under Gervasoni, Meridiani, Saba Italia, Gamma Arredamenti International, and Turri brands; lighting products under the Davide Groppi, Flexalighting, and Axo Light brands; kitchen and systems under Cubo Design brand.

Full company description

Dexelance S.p.A. develops and promotes a hub of Italian design furniture and lightings. The company offers furniture products under Gervasoni, Meridiani, Saba Italia, Gamma Arredamenti International, and Turri brands; lighting products under the Davide Groppi, Flexalighting, and Axo Light brands; kitchen and systems under Cubo Design brand. It also offers luxury contract products under the Cenacchi International and Modar brands; and Omnichannel go-to-market under Mohd brand which distributes products and manages furnishing projects. The company was formerly known as Italian Design Brands S.p.A. and changed its name to Dexelance S.p.A. in May 2024. Dexelance S.p.A. was founded in 2015 and is headquartered in Milan, Italy.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dexelance S.p.A reported revenue of €320M in FY2025 versus €144M in FY2021, a compound +22.1%/yr. Reported net income was −€17.7M in FY2025.

Growth Quality 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€320M
Latest YoY
−1.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.8%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.7%
Revenue +22.1%/yr
FY21 €144M
FY22 €199M
FY23 €290M
FY24 €324M
FY25 €320M
Net income
FY21 €11.4M
FY22 −€5.9M
FY23 €28.0M
FY24 €17.9M
FY25 −€17.7M

DEX screens 80% overvalued. Compare with Midea Group →

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Cite: Fair Value Calculator (2026). "Dexelance S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/DEX

Peer Group

Furnishings, Fixtures & Appliances · 311 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 28 · Bottom 25%
Fair Value upside −80% · Bottom 25%
Return on assets -3% · Bottom 25%
Net margin (TTM) -6% · Bottom 25%
Operating margin (TTM) -0% · Below median
Revenue growth 17% · Top 25%
Debt / equity 0.60× · Higher than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/B 1.07× · Cheaper than median
P/S (TTM) 0.48× · Cheaper than median
P/FCF 38.2× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 22
FUTURE 86 · sector 0
PAST 0 · sector 19
HEALTH 70 · sector 97
DIVIDEND 0 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Dexelance S.p.A (DEX) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of €0.4400 versus a price of €2.18, about −80% (overvalued).
What is the fair value of DEX?
Our model-based fair value for Dexelance S.p.A is €0.4400 (as of Jul 15, 2026), built from audited fundamentals. The current price is €2.18.
What is the quality score of DEX?
Dexelance S.p.A has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Dexelance S.p.A (DEX)?
Dexelance S.p.A reported trailing-twelve-month revenue of about €332M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of DEX?
The net profit margin of Dexelance S.p.A is about -5.8%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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